{"id":568845,"date":"2020-02-05T04:27:33","date_gmt":"2020-02-05T04:27:33","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/05\/egyptian-bnaire-naguib-sawiris-acquires-60-of-qatari-diars-city-gate-project\/"},"modified":"2020-02-05T04:27:33","modified_gmt":"2020-02-05T04:27:33","slug":"egyptian-bnaire-naguib-sawiris-acquires-60-of-qatari-diars-city-gate-project","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/05\/egyptian-bnaire-naguib-sawiris-acquires-60-of-qatari-diars-city-gate-project\/","title":{"rendered":"Egyptian bn\u2019aire Naguib Sawiris acquires 60% of Qatari Diar's City Gate project"},"content":{"rendered":"

M&A WATCH- Naguib\u2019s Ora Developers acquires 60% of Qatari Diar's City Gate project:<\/strong> Egyptian businessman Naguib Sawiris has agreed in principle to acquire 60% of Qatari Diar's stalled City Gate project<\/a> through Ora Developers for USD 658 mn, the local press reports<\/a>, citing unnamed sources. The acquisition would resolve Qatari Diar\u2019s four-year legal row with the New Urban Communities Authority and dispute with the government, while giving it the exit<\/a> it has been looking for. Previous reports had suggested that Ora Developerswas in \u201cadvanced talks\u201d<\/a> to acquire a 51% stake in the project for USD 800 mn before Diar offered to amend City Gate\u2019s customer contracts in exchange for them dropping lawsuits against the company last month<\/a>.<\/p>\n

What<\/strong> does the agreement entail?<\/strong> The agreement, which Sawiri says has yet to be finalized, will see the two companies forming a partnership to develop the project. Diar will also have to pay EGP 1.25 bn fine to the New Urban Communities Authority for the delay in completing the project before activating the partnership agreement.<\/p>\n","protected":false},"excerpt":{"rendered":"

M&A WATCH- Naguib\u2019s Ora Developers acquires 60% of Qatari Diar's City Gate project: Egyptian businessman Naguib Sawiris has agreed in principle to acquire 60% of Qatari Diar's stalled City Gate project through Ora Developers for USD 658 mn, the local press reports, citing unnamed sources. The acquisition would resolve Qatari Diar\u2019s four-year legal row with […]<\/p>\n","protected":false},"author":1,"featured_media":568846,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[10198,957,72,7128,10245,879,296,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-568845","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-diar","tag-dispute-watch","tag-enterpriseam","tag-ma-watch","tag-naguib","tag-new-urban-communities-authority","tag-qatar","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"6c70f6c7-ac26-4b0c-b66a-ef258b1a1e72","is_powered_by":true,"section_story_id":"a97eb0c2-ba1d-48f6-8104-a8ce67ffd49e","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/2\/73.jpg","photo_position":"above","related_issue":[568831],"teaser":"","voice_url":""},"yoast_head":"\nEgyptian bn\u2019aire Naguib Sawiris acquires 60% of Qatari Diar's City Gate project - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/05\/egyptian-bnaire-naguib-sawiris-acquires-60-of-qatari-diars-city-gate-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egyptian bn\u2019aire Naguib Sawiris acquires 60% of Qatari Diar's City Gate project\" \/>\n<meta property=\"og:description\" content=\"M&A WATCH- Naguib\u2019s Ora Developers acquires 60% of Qatari Diar's City Gate project: Egyptian businessman Naguib Sawiris has agreed in principle to acquire 60% of Qatari Diar's stalled City Gate project through Ora Developers for USD 658 mn, the local press reports, citing unnamed sources. The acquisition would resolve Qatari Diar\u2019s four-year legal row with […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/05\/egyptian-bnaire-naguib-sawiris-acquires-60-of-qatari-diars-city-gate-project\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-02-05T04:27:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/2\/73.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/05\/egyptian-bnaire-naguib-sawiris-acquires-60-of-qatari-diars-city-gate-project\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/05\/egyptian-bnaire-naguib-sawiris-acquires-60-of-qatari-diars-city-gate-project\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Egyptian bn\u2019aire Naguib Sawiris acquires 60% of Qatari Diar's City Gate project\",\"datePublished\":\"2020-02-05T04:27:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/05\/egyptian-bnaire-naguib-sawiris-acquires-60-of-qatari-diars-city-gate-project\/\"},\"wordCount\":185,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/05\/egyptian-bnaire-naguib-sawiris-acquires-60-of-qatari-diars-city-gate-project\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/2\/73.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Diar\",\"dispute watch\",\"EnterpriseAM\",\"M&A Watch\",\"Naguib\",\"New Urban Communities Authority\",\"Qatar\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/05\/egyptian-bnaire-naguib-sawiris-acquires-60-of-qatari-diars-city-gate-project\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/02\/05\/egyptian-bnaire-naguib-sawiris-acquires-60-of-qatari-diars-city-gate-project\/\",\"name\":\"Egyptian bn\u2019aire Naguib Sawiris acquires 60% of Qatari Diar's City Gate project - 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Businessmen Naguib Sawiris and Yassin Mansour are reportedly looking to buy real estate developer Qatari Diar\u2019s Egyptian investments, sources claimed to Al Shorouk. Naguib was said to have made Diar a EGP 35 bn offer to acquire all\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":631774,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/27\/phd-denies-making-offer-on-qatari-diar-assets\/","url_meta":{"origin":568845,"position":1},"title":"PHD denies making offer on Qatari Diar assets","author":"enterpriseam admin","date":"27 March 2018","format":false,"excerpt":"Palm Hills Development (PHD) denies claims by Al Shorouk this week that the developer offered to acquire Qatari Diar\u2019s Egyptian investments, the company said in a statement carried by Al Mal. A news story on Sunday said that PHD Chairman Yassin Mansour had made an offer for Diar\u2019s New Cairo\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":567151,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/14\/qatari-diar-offers-olive-branch-to-litigious-city-gate-clients\/","url_meta":{"origin":568845,"position":2},"title":"Qatari Diar offers olive branch to litigious City Gate clients","author":"enterpriseam admin","date":"14 January 2020","format":false,"excerpt":"Qatari Diar offers City Gate customers quid pro quo: Qatari Diar has offered amended contract terms to clients of its City Gate project in exchange for them dropping lawsuits against the company, according to Al Shorouk. A number of Qatari Diar\u2019s customers began legal proceedings after the company \u2014 which\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/596.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573220,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/26\/egyptian-court-overturns-nuca-decision-to-fine-qatari-diars-east-gate-egp-1-3-bn\/","url_meta":{"origin":568845,"position":3},"title":"Egyptian court overturns NUCA decision to fine Qatari Diar\u2019s East Gate EGP 1.3 bn","author":"enterpriseam admin","date":"26 July 2020","format":false,"excerpt":"DISPUTE WATCH- Court overturns NUCA decision to fine Qatari Diar\u2019s East Gate EGP 1.3 bn: The Council of State\u2019s (Maglis El Dawla) administrative court has overturned a decision from the New Urban Communities Authority (NUCA) to hand a EGP 1.3 bn fine to Qatari Diar subsidiary East Gate Developments over\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/7\/200.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594136,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/21\/sawiris-ora-in-talks-with-qatari-diar-for-51-stake-in-egypts-citygate\/","url_meta":{"origin":568845,"position":4},"title":"Sawiris\u2019 Ora in talks with Qatari Diar for 51% stake in Egypt\u2019s CityGate","author":"enterpriseam admin","date":"21 October 2019","format":false,"excerpt":"M&A WATCH- Ora Developers in talks with Qatari Diar for 51% stake in CityGate: Naguib Sawiris\u2019 Ora Developers is in \u201cadvanced talks\u201d to acquire a 51% stake in the Qatari Diar-owned company developing the CityGate project in New Cairo for USD 800 mn, unnamed sources said, according to Al Shorouk.\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/2\/2747.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573469,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/06\/acquisition-talks-between-oih-qatari-diar-for-city-gate-project-end-without-agreement\/","url_meta":{"origin":568845,"position":5},"title":"Acquisition talks between OIH, Qatari Diar for City Gate project end without agreement","author":"enterpriseam admin","date":"6 August 2020","format":false,"excerpt":"M&A WATCH- Talks that could have seen Naguib Sawiris acquire City Gate from developer Qatari Diar have collapsed after the two failed to land necessary approvals within an agreed timeframe, Orascom Investment Holding said in a disclosure (pdf) yesterday. Sources said earlier this year that OIH Chairman Naguib Sawiris had\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/568845","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=568845"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/568845\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/568831"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/568846"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=568845"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=568845"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=568845"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=568845"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=568845"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}